There seems to be a major battle going on right now between these two currencies.
Concerns are already being raised in Arillas as, should the exchange rate remain poor then will families look else where for their holidays?
A poor exchange not only incurs more expense for holidaymakers but also will affect those buying land or property. For example:-
1. A last year £35 meal for four could cost, in May, £41.
2. A weeks car hire could slap an extra £22 on the budget.
And, if you were lucky and fortunate enough to find a plot of land for e60000 ?
September 07 would have cost £40,850 - Now would cost you £46,000.
I cannot remember when the euro exchange went as low as the e1.26 currently mentioned and I know all regular forum visitors will continue to give Arillas it's full support and custom, as indeed all regular visitors to any part of their favourite piece of Corfu will.
So lets hope that in the next 4/5 months sees that exchange come back to a very sensible exchange.
Interesting to note that when we come back to England for a week in May, and using the current exchange, we could bring back e1000 with us and exchange for £769 sterling. But we originally only paid £675 for them. ( Including a bank commission)
I have based all the above figures on a bank exchange rate not a tourist and calculated at August last year and exchange, as I know it, today.
Cheers
Negg
It's all very worrying Eggy. It's 1.27 today....
Yes as Sandy points out Eggy, it is very worrying. I normally at this time of year start to stock up my EUROS, but the rate is so poor i have not bothered yet. I have never seen it so low..
Riggers..
I have got about 12 euros from last year, but that wont buy me much will it.
Exchange rate is 1.34 on GMTV this morning.
Amanda
I really think it is going to be a tough year, and we will all have less to spend on holiday, and not just due to the exchange rate.
I will just drink less, because although I like a drink I don't have to have lots. I don't want to cut back on eating out because that is a major part of our holiday. We bought a daily newspaper every day last year, but we can do without that. There are many ways to spend less and still have a good time. I will also make sure that I spend all my money in Arillas (wherever possible) and not eat out in Corfu town or other places.
This chart of Euro values against the Pound shows just how much it has dropped over the last 12 months.
Euro
(http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/11/13/img/77+X_SGBPEUR+bbc-big_thick-line+twelve_month.png)
good ideas terry, we should try and support the locals, like you we enjoy the meals in the taverna, we'll just have to make our pint of mythos last a bit longer!
you are so clever, doing the chart, and all the other links, well done keep up the good work!
ger
Hi Terryw
I think we will all have to tighten our belts this year and there lots of things we can do as you have already said , but even cutting out the daily paper would have an impact on the shop owners of Arillas if everybody gave them up . What I am saying is if the euro stay's as low as it is it will be a tough year for all , retailers and holiday makers alike .
Yammas
Dane n Anne
e1.34 sound like it may be recovering slightly and well done Terry for the graph.
But a poor exchange from May onwards will hit all local Arillas shops/Tavernas etc.
Instead of:-
4 beers in the Coconut? - Only have 2.
Hire a car for 5 days not 7.
Skip the dessert and starter sometimes.
It could be a belt tighten job for many of us. - Including Negg n Wegg.
Keep me updated folks.
£800 @ 1.32 gives us e1056 - £800 @ e1.34 gives us e1073.
( That e16 can buy just about me 3 bottles of whiskey !-or 14 large pork chops)
Cheers
Negg
Negg, I agree. Belt tightening by both the Arillas businesses and Tourists coming up. We are all ruled by a global economy and are hostage to it. By your own words in your posts might even send you "home" (I mean back - you are at home now.)
What about a "Passport to Pimlico" Arillas. A declaration of independence. We set our own excahnge rate, we have our own government, and our own constitution. We import some, but we live on our local healthy produce. We make our potin (Irish ouzo) and brew our own Mythos and Koum Quat etc etc! Dimitris will be president, but others will challenge him in elections every five years. We can all be equal and we can be ourselves.
And no folks - I'm as sober as a judge after a stomach upset and off the drink for 3 days.
Anyone for Pimms?
not us
phil (but not jen - she disowns me on all this)
I had to do some work on Exchange rates today so I though I would do a quick check for this years holidays.
It doesn't look as bad as I thought it would, but it does not take into account any price increases in Greece, and also we will all have less disposable income.
It is a worrying trend.
(http://i112.photobucket.com/albums/n179/terrylwarner/costs.jpg)
Terry - this looks pretty well spot on. We took some money out of the Arillas ATM yesterday and got an exchange rate of 1.28. (This is a Nationwide account so no commission) All a bit of a nightmare but perhaps we have been spoilt in the last couple of years.
Wendy
Good chart Terry it really does show it in simple terms,it wont be long befor it will be pound for euro the way this country is going, along with the credit crunch and speculation of recession we best all try and cram in as many holidays whilst we can all just about afford them.
Ang
Today the post office was giving a rate of 1.20 which is the lowest I have ever seen.
I can see it coming to a £1 = 1 euro by the time we go, as long as it isnt less.
Saw it too Lisa. See what tomorrow brings.
This is getting worse as the holiday gets nearer. At this rate we will be over 300 euros over the 2 weeks down on last year. Duty free in mind aswell of course.
riggers...
Imagine if we had to exist on lettuce leaves and water while we were in Arillas....at least the sunshine is free!
Seriously though, the locals may get worried that the tourists will have less money to spend in Arillas. One thing I have noticed though is that they don't automatically put their prices up over there as would happen each year in the UK. Sometimes prices have stayed the same for several years and there must be some inflation in Greece surely?
Spare a thought for those people who have just agreed on a house build or waiting to pay the final bill. And there are many who work to a very tight budget, as we did.
People we know have just started their build here. They went for a complete package at around 1600 euros per square metre.
( Last June around £1103 sq mt - Now £1230 sq mt << if they get a good bank rate!)
£127 pounds approx increase per sq mt.
They're having about a 120 sq mt house so I'll let you work that one out.
Negg
I feel for them Eggy as that could be their contingency fund for all the unseen extras, I agree that the economy there is a good bit less than here but the way the euro is going it most certainly will mean that there will be less money to spend which in turn does not help the economy.
I knew I should have changed my holiday funds in to euros last year and just sat on them as hubby said to do.
Ang
Well folks if you have some of your holiday funds ready I would keep an eye on the Euro I think its going to hover around the 120-125,so as soon as you see an increase BUY and remember you will have approx 1/5th less to spend from last year.
I am going to get a cpl of £100 just in case.
Happy holidays
Ang
I noticed as i passed by a Thomson travel agent where the exchange rate is normaly displayed on 1 of those LED display board was off and a message on a bit of A4 saying call inside for best exchange rate deals :-(
Phoned Thomsons up today, they're offering 1.215 if you get £800 worth..
Phoned Thomas Cook, they offered 1.20.... :(
Never mind it's got to be done....
riggers...
As Terry advised, keep checking http://www.comparetravelmoney.co.uk/ as it does all the work for you. Very depressing news though..
It looks like the Pound is starting to increase a little bit against the Euro.
See http://www.travelmoneyservices.co.uk/ and scroll down page to see values.
I reckon I might be getting nearly 1.26 Euros for July. Still poor against last years 1.43 though.
Hi All
i went into Alpha Bank, at Acharavi, this morning. Their exchange today is 1.259 but with 2% commission.
This is the tourist rate. The Bank rate is 1.287.
Arillas Travel, Arkokal, Olgas etc generally come in at a fraction more for the tourist rate so, If you can get "commission free T/C's" in the UK you may get a little more more your £.
I calculate the tourist rate at Alpha, today, to be 123.38 euros for every £100 after commission
Don't know how that competes if you changed a £100 in the UK today.
I'll keep a very good eye on it for all.
Cheers
Negg
Thanks for the update...you are now Financial correspondent for the forum...
Cheers for that Eggy. Anything more than we get here is obviously a bonus. :)
riggers...
Hi All
Olgas Travel is open today and offering 1.264 euros to the pound.
( I'm interested as to what you can get in the UK at the mo )
Cheers
Negg
Hi Eggy and all,
Best rates we've found is Thomas Cook @ 1.23, worst is the Post Office @ 1.19 ( That was yesterday )
Dont know whether to buy or wait as only 4 weeks before we are there !
MarknJade
As I work in a post office I check it daily.It has been around 1.17 and 1.18 the last few days.If it goes up again I will get some.
I may just change my sterling with my friend Olga, at least I know where the commission will go.
Ang
Thanks for that Neil.
Just the news i have been waiting for. I think so much better than here.
5 weeks Tuesday, here we come Arillas.......... :) :)
riggers..
This a very useful website for travel money tips and to keep a check of exchange rates
http://travelmoney.moneysavingexpert.com/
Yes i must agree Terry. It is a bonus to hear where we can get that little extra for our money.
More drinks . Ha Ha :)
riggers..........
I had some £'s changed into euros today in Travelex in Sainsbury's and they gave me 1.23 euros to a pound :)
Going the right way ;) Yeiiiii!
Yes at last :) :) :) :)
Our local branch of Ramsdens is offering 1.234 euros to the pound at 0% commission. Hopefully it will continue to creep up.
OOOOOOOO looks like its on the way up slightly lets have it upto 1.43 by august
Tony <~~~~wishfull thinking lol
Today.
e1.26 being offered by all local Arillas travel agents.
Negg
got mine last saturday thomascook 1.2315 if you spent 500 pound or more kept hanging on hoping it got better but we fly out on 16th so couldnt wait any longer
It's e1.252 around Arillas today.
I think it may touch e1.27 by the middle of next week.
Negg
Better than here Eggy..got 1.21 at Barclays today no commision or charge...just exchanged enough for Taxi & meal when we arrive....on MONDAY!!!! :)
Back on e1.263 today Kes. - But less the commission
Negg
Marks and Spencer money giving 1.22 today no commision
Annie